Zacks: Analysts expect 3M (NYSE:MMM) to post earnings per share of $2.65
Wall Street analysts expect 3M (NYSE: MMM – Get a rating) to report earnings per share (EPS) of $2.65 for the current fiscal quarter, according to Zacks Investment Research. Four analysts have released 3M earnings estimates, with estimates ranging from $2.60 to $2.68. 3M posted earnings per share of $2.59 in the same quarter last year, which would indicate a positive growth rate of 2.3% year over year. The company is due to release its next results on Monday, January 1.
On average, analysts expect 3M to report annual earnings of $10.75 per share for the current year, with EPS estimates ranging from $10.20 to $11.00. For the next fiscal year, analysts expect the company to report earnings of $11.28 per share, with EPS estimates ranging from $10.94 to $11.50. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts who provide coverage for 3M.
3M (NYSE: MMM – Get a rating) last released its quarterly results on Tuesday, April 26. The conglomerate reported earnings per share (EPS) of $2.65 for the quarter, beating the consensus estimate of $2.31 by $0.34. The company posted revenue of $8.80 billion for the quarter, versus $8.75 billion expected by analysts. 3M had a net margin of 15.84% and a return on equity of 39.35%. The company’s quarterly revenue fell 0.6% year over year. In the same period a year earlier, the company posted earnings per share of $2.77.
MMM has been the subject of several recent research reports. Morgan Stanley lowered its price target on 3M shares from $150.00 to $145.00 and set an “underweight” rating for the company in a Thursday, April 7 research note. Credit Suisse Group lowered its target price on 3M shares from $173.00 to $161.00 and set a “neutral” rating for the company in a research note on Wednesday. Citigroup lowered its target price on 3M stock from $157.00 to $151.00 in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lowered its target price on 3M shares from $167.00 to $164.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, Barclays lowered its target price on 3M shares from $155.00 to $146.00 and set an “underweight” rating for the company in a research note on Wednesday. Six equity research analysts gave the stock a sell rating, ten issued a hold rating and one gave the company a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $164.73.
A number of hedge funds and other institutional investors have recently changed their holdings in the company. Morgan Stanley increased its stake in 3M by 16.4% in the second quarter. Morgan Stanley now owns 5,903,837 shares of the conglomerate valued at $1,172,678,000 after purchasing an additional 832,796 shares last quarter. Advisor Group Holdings Inc. increased its holdings of 3M stock by 6.0% in Q3. Advisor Group Holdings Inc. now owns 274,507 shares of the conglomerate valued at $48,194,000 after purchasing an additional 15,544 shares during the period. Resources Investment Advisors LLC. increased its stake in 3M shares by 4.1% in the 3rd quarter. Resources Investment Advisors LLC. now owns 14,933 shares of the conglomerate valued at $2,620,000 after purchasing an additional 583 shares during the period. Daiwa Securities Group Inc. increased its equity stake in 3M by 8.0% in Q3. Daiwa Securities Group Inc. now owns 83,604 shares of the conglomerate valued at $14,666,000 after purchasing an additional 6,190 shares during the period. Finally, Summit Financial Wealth Advisors LLC increased its stake in 3M shares by 1.8% in Q3. Summit Financial Wealth Advisors LLC now owns 44,066 shares of the conglomerate valued at $7,730,000 after purchasing an additional 759 shares during the period. 66.06% of the shares are held by institutional investors.
MMM opened at $144.22 on Friday. The company has a debt ratio of 0.99, a current ratio of 1.58 and a quick ratio of 1.15. 3M has a 12-month low of $139.74 and a 12-month high of $208.95. The company’s fifty-day moving average price is $147.66 and its 200-day moving average price is $165.14. The stock has a market capitalization of $82.09 billion, a PE ratio of 15.01, a P/E/G ratio of 1.47 and a beta of 0.97.
The company also recently declared a quarterly dividend, which was paid on Saturday, March 12. Shareholders of record on Friday, February 18 received a dividend of $1.49. This represents a dividend of $5.96 on an annualized basis and a yield of 4.13%. This is an increase from 3M’s previous quarterly dividend of $1.48. The ex-dividend date was Thursday, February 17. 3M’s dividend payout ratio is currently 62.02%.
About 3M (Get a rating)
3M Company operates as a diversified technology company around the world. It operates through four segments: Security and Industry; Transportation and Electronics; Health care; and Consumer. The Safety and Industrial segment offers industrial abrasives and finishes for metalworking applications; body repair solutions; closure systems for personal hygiene products, masking and packaging materials; electrical products and materials for construction and maintenance, power distribution and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye and fall protection solutions; and natural and colored mineral granules for shingles.
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